“I think history will be very kind to Eamon Gilmore, “ Mr Noonan said at the launch of the National Asset Management Agency’s annual report. Mr Gilmore brought the Labour party to the highest levels ever seen in the polls, then won a by-election and a presidential election, Mr Noonan added as he praised his “amiable” colleague.

Turning to the economy, the FInance Minister said it was too early to say whether October’s Budget will see ease off on the €2bn in cuts which have been promised by the Government to our creditors.

Some analysts have said that the government is now likely to ease the pace of cuts to curry favour with voters after last week’s drumming of the main political parties.

Mr Noonan hinted there was room for an easing because so many people are returning to work but stopped short of any sort of prediction. He noted that governments around Europe have far less scope or “discretion” for cuts than they used to. Austria’s government was forced to revise a budget last month because it was not strict enough, he said.